Monday, September 18, 2017

Pick n Pay Accept Bitcoin


Image result for Pick n Pay, SA photos
                       A South African woman rejoiced after paid her groceries through Bitcoin Software

The second-largest supermarket chain store in Africa, Pick n Pay, recently started accepting Bitcoin in one of its stores, as according to an announcement made by payments software development firm Electrum they said "Bitcoin is technical innovation that embrace changes. However, when other see this as a technical breakthrough, others see it as an disruptive trendies against the fundamental platforms and establishments. This followed when some prominent institutions like banks and other monetary systems are crying-foul and restrain the public from pursuing new creativity because they feared cryptocurrency ecosystem is superseding them. Lawsuits already made against bitcoiners,but people just love the new innovation that help bitcoiners to win the legal challenge brought forth.

“At Pick n Pay, one of our key values is to embrace change and encourage innovation and leadership. To deliver on that promise we are constantly working with our technology partners to find ways in which we can deliver valuable, innovative services to our customers. Cryptocurrency and Bitcoin are still relatively new payment concepts, yet we have been able to effectively demonstrate how we are able to accept such alternative payments.“


How Bitcoin Works?


So how will it work? Well, there is a video below demonstrating how customers paying for goods at Pick n Pay using Bitcoin, the checkout process is quite simple. First, you walk around the shop and pick what you’d like to buy for example some dried fruit. Once you’re satisfied that you’ve got what you want, head over to the checkout point. The cashier will scan the product as usual. Now, the process changes, the cashier will then select your payment method as Bitcoin and a QR code will be printed. While that is happening, you’ll open up your mobile Bitcoin wallet app, select the scan option and point your device camera to the QR code that would have been printed to scan it. Once you’ve scanned the QR code, you’ll be shown the amount of Bitcoin that you’ll spend in that transaction and if you’re satisfied then it’s as simple as clicking pay and your Bitcoin will be spent on dried fruit. 

Bitcoin infrastructure is being provided by Luno, a global Bitcoin company, that active in Southeast Asia and now then in Africa, and with an office in Cape Town. Luno makes it easy for South African consumers and others to easily buy, sell, send and spend Bitcoin. If you were to be paying for goods at Pick n Pay using Bitcoin, this would be the easiest Bitcoin wallet for you to use as it is the one they used in their demo video. Apart from the Bitcoin wallet app Luno used, when the cashier selects Bitcoin as the payment method, the system talks to Luno for it to get the QR code. The QR code is just like the bank account number for the shop so instead of them telling you the number, a QR code is generated and you can just scan that to get the details of the amount to be paid and where it’ll be going. Would you use Bitcoin to pay for groceries at Pick n Pay locally? Even though this payment method is only available in South Africa in the test phase? Some people asked the company, which they responded that in few time the project will roll out to other countries where Pick n Pay stores is operating.
                                               The video demonstrating how Pick n Pay use Bitcoin for paying goods and transaction solution


The main goal is to promote new ideas of innovation and, presumably, test how Pick n Pay’s customers react to the so-called cryptocurrency so that the good feedback will eventually afford supermarket chain to integrate it in all of its locations in RSA and across the Southern African region , where Pick n Pay is also present in other countries, including Zimbabwe, Lesotho, Namibia, Mozambique and Zambia if all of its stores started accepting bitcoin, it would be one of the cryptocurrency’s largest wins in Africa.

We’ve worked closely with PnP for several years as a key technology provider. Our mission is to support innovative enterprises like Pick n Pay, and together we use the advanced Electrum software-as-a-service technology to move quickly on new opportunities, whilst at the same time delivering the best possible shopping experience-Dave Glass,MD at Electrum
The necessary bitcoin infrastructure for the POS system was provided by South African-based startup Luno, which already facilitated bitcoin transactions in the country. Jason Peisl, an executive and Pick n Pay, stated that "one of the company’s key values is to embrace, change, and encourage innovation and leadership. As such, the company is always “working with our technology partners to find ways in which we can deliver valuable, innovative services to our customers.” said Peisl.

Of course it’s clear that, for now, the supermarket chain is just testing the option to see how customers react. Whether or not Pick n Pay will decide to enable bitcoin payments in all of its stores, is up to South African bitcoiners. "Francisco Memoria Francisco is a cryptocurrency writer and trader, who's in love with technology and focuses on helping people see the value digital currencies have." At the selected Pick n Pay store in which bitcoin is now accepted, the payment process is as easy as scanning a QR code, as shown in the video provided by Electrum in its announcement: News of Pick n Pay’s move comes as bitcoin’s price is seemingly recovering from China’s crackdown, as exchanges and experts remain optimistic on what’s ahead for the cryptocurrency ecosystem.

Why Banks and Monetary feared Bitcoin Technology?

According to Dr.Trond Undheim a Senior Lecturer at MIT, supported that Bitcoin heralds a new age of more disruptive than that of today’s Internet. Disruption can be a good thing, especially when it affects banking, and failing set of business models which, for all the tweaks, have been virtually unchanged for millennia. Paradoxically, some banks are afraid Bitcoin because it would force them to innovate or struggling to adapt to a new pace put up by Bitcoin technology. Bitcoin, it belongs to the new type of financial animal called crypto currencies. Bitcoin technology allows decentralization of resources, secure money storage and money transfer enabled by the Internet. Bitcoin promising more ripple network, which is not depends on poke a hole in the basic banking business models like lending, deposits,trading, and money exchange, but bitcoin will entirely create new embryos for markets of typically Internet Value. 



Trond Undheim is a MIT Senior Lecturer MIT explain importance of Bitcoin.

Cryptocurrencies have been with us for over five years, an eternity by Internet time. Using the elegance of mathematics they enable almost instant transfer of value at almost no cost between two parties and without the need to have a trusted third party. The disruption lies exactly there: For a few years already, we have been talking about the sharing economy for example companies like AirBnb and Uber have enabled previously untapped, idle assets such as your empty bedroom or your second car to be mobilized for financial gain. liquidizing such stale assets has added convenience in the utterly inefficient markets of room rentals and transportation services.


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